Liquidation Ordered After CIRP Deadline Lapses; Late Resolution Plan Offer Rejected for Non-Compliance with IBC Regulations.

Liquidation Order - period for completing ‘CIRP’ had come to an end and no Resolution Plan had been received - When admittedly, the necessary procedure was not followed during the course of ‘CIRP’ as required by the Provisions of IBC and the Regulations, such belated offer can not be said to be bona fide. Merely expressing that I am ready to file Resolution Plan is not sufficient for taking cognizance of such offer - AT .....

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